Uzbekistan’s foreign investment landscape is booming, with the country setting ambitious investment targets to drive economic growth. In 2024, Uzbekistan’s economy grew by an impressive 6.5%, reaching a GDP of $115 bn, highlighting the country’s successful economic reforms. Foreign investment surged by 1.6 times, reaching $34.9 bn, signaling increasing international confidence in Uzbekistan’s open investment policies.
Key Investment Achievements and Economic Growth in 2024
Uzbekistan launched 242 major projects worth $10 bn, further diversifying its industrial base. Exports hit a record $27 bn, reflecting the country’s integration into the global market. The surge in investment reached far beyond the capital, with over 50 districts attracting more than $100 mn in foreign capital. Key regions, including Davlatabad, Navoiy, Mirzo Ulughbek, Chilonzor, and Shaykhontohur, saw investments exceeding $300 mn each.
In particular, Uzbekistan’s mining, oil and gas, chemicals, and agricultural sectors performed exceptionally well, exceeding investment expectations. The mining sector alone reported an added value of $700 for every $1,000 invested, drawing international interest from investors in Germany, Turkey, and China.
State-Owned Enterprises and Investment Shortfalls
Despite these successes, some sectors and state-owned enterprises fell short of expectations. The textile sector, in particular, missed its $17 mn target, and investments in key state entities like “Uztransgaz” and “Uzmetkombinat” were also below targets, raising concerns within the government. In response, Uzbekistan’s government is implementing stricter oversight and monitoring systems to ensure that investments meet the targets set for 2025.
Uzbekistan’s Ambitious Foreign Investment Target of $42 Billion for 2025
Looking ahead to 2025, Uzbekistan aims to attract a record $42 bn in foreign investments, setting clear action plans for ministries, regions, and industry heads to meet this goal. The government is focusing on increasing local production, with $28 bn worth of large-scale projects being covered by domestic goods, creating additional job opportunities and supporting the local economy.
A major priority for the government is increasing foreign investments in districts outside the capital. Over 27 districts are expected to draw an additional $200 mn in investments, with regions like Uchkuprik targeting a tenfold increase in foreign capital.
Reforms to Improve Investment Efficiency and Attract More Foreign Capital
To facilitate faster investments, Uzbekistan is addressing bureaucratic barriers and introducing more efficient mechanisms for investment facilitation. A special task force under the Ministry of Finance is working closely with international financial institutions to streamline investment processes.
Moreover, Uzbekistan is set to raise $2 bn in grants in 2025 and secure $5.2 bn in project funding with international partners. The country is also exploring the issuance of eurobonds, with Uzbekistan Airways and Uzbekistan Airports planning to raise up to $700 mn on international bond markets.
Boosting Exports and Strengthening Global Trade
Despite significant investment in various sectors, Uzbekistan’s export performance remains a priority. The government aims to increase exports to over $30 bn by focusing on sectors like textiles and electrical engineering. These sectors have strong potential but need further development to maximize international market opportunities.
Special export-focused zones, such as a new textile free economic zone in Namangan, are part of the government’s strategy to build a competitive economy and promote high-value goods for global markets.
A Bright Future for Uzbekistan’s Economy
With a clear focus on boosting foreign investments, diversifying exports, and improving investment efficiency, Uzbekistan is poised for continued growth in 2025. The government is determined to meet its $42 bn foreign investment target, improve regional investment distribution, and create an even more investment-friendly environment for global capital.
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